<SUBMISSION>
<ACCESSION-NUMBER>0000950153-02-000815
<TYPE>DEF 14A
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20020528
<FILING-DATE>20020501
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>ACTION PERFORMANCE COMPANIES INC
<CIK>0000892147
<ASSIGNED-SIC>5090
<IRS-NUMBER>860704792
<STATE-OF-INCORPORATION>AZ
<FISCAL-YEAR-END>0930
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>DEF 14A
<ACT>34
<FILE-NUMBER>001-11866
<FILM-NUMBER>02629215
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>4707 E BASELINE RD
<CITY>PHOENIX
<STATE>AZ
<ZIP>85040
<PHONE>6023373700
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>4707 E BASELINE RD
<CITY>PHOENIX
<STATE>AZ
<ZIP>85040
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>p66411dedef14a.htm
<DESCRIPTION>DEF 14A
<TEXT>
<HTML>
<HEAD>
<TITLE>def14a</TITLE>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center"><FONT size="4"><B>SCHEDULE 14A INFORMATION</B>
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><FONT size="2">Proxy Statement Pursuant to Section&nbsp;14(a) of the Securities<BR>
Exchange Act of 1934 (Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">Filed by the Registrant <IMG src="p66411dexbox.gif" alt="(XBOX)">
</FONT>
<DIV><FONT size="2">Filed by a Party other than the Registrant <IMG src="p66411debox.gif" alt="(BOX)">
</FONT></DIV>
<P><FONT size="2">Check the appropriate box:
</FONT>
<CENTER>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="48%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="37%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><IMG src="p66411debox.gif" alt="(BOX)"></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Preliminary Proxy Statement
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2"><IMG src="p66411debox.gif" alt="(BOX)">
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Confidential, for Use of the Commission Only
(as permitted by Rule&nbsp;14a-6(e)(2))</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><IMG src="p66411dexbox.gif" alt="(XBOX)"></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Definitive Proxy Statement</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><IMG src="p66411debox.gif" alt="(BOX)"></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Definitive Additional Materials</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><IMG src="p66411debox.gif" alt="(BOX)"></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Soliciting Material pursuant to Rule&nbsp;14a-11(c) or Rule&nbsp;14a-12</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><FONT size="2"><B>Action Performance Companies, Inc.</B>
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center"><FONT size="2"><HR size="1" width="50%" noshade>
(Name of Registrant as Specified In Its Charter)
</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><HR size="1" width="50%" noshade>

<DIV align="center"><FONT size="2">(Name of Person(s) Filing Proxy Statement)
</FONT></DIV>

<P><FONT size="2">Payment of Filing Fee (Check the appropriate box):</FONT>


<CENTER>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="92%">&nbsp;</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><IMG src="p66411dexbox.gif" alt="(XBOX)"></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
No fee required.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><IMG src="p66411debox.gif" alt="(BOX)"></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(4) and 0-11.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
1) Title of each class of securities to which transaction applies:</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
<HR size="1" noshade></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
2) Aggregate number of securities to which transaction applies:</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
<HR size="1" noshade></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
3) Per unit price or other underlying value of transaction
computed pursuant to Exchange Act Rule&nbsp;0-11 (Set forth the<br> &nbsp;&nbsp;&nbsp;&nbsp;amount on which the filing fee is calculated and state how it was determined):</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
<HR size="1" noshade></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
4) Proposed maximum aggregate value of transaction:</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
<HR size="1" noshade></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
5) Total fee paid:</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
<HR size="1" noshade></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><IMG src="p66411debox.gif" alt="(BOX)"></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Fee paid previously with preliminary materials.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><IMG src="p66411debox.gif" alt="(BOX)"></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Check box if any part of the fee is offset as provided by Exchange
Act Rule&nbsp;0-11(a)(2) and identify the filing for which the offsetting
fee was paid previously. Identify the previous filing by
registration statement number, or the Form or Schedule and the date
of its filing.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
1) Amount Previously Paid:</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
<HR size="1" noshade></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
2) Form, Schedule or Registration Statement No.:</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
<HR size="1" noshade></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
3) Filing Party:</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
<HR size="1" noshade></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
4) Date Filed:</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
<HR size="1" noshade></FONT></TD>
</TR>
</TABLE>
</CENTER>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><FONT size="2">&nbsp;</FONT>

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<P><HR noshade><P>

<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000"> NOTICE OF SPECIAL MEETING OF SHAREHOLDERS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001"> PROXY STATEMENT</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">General</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Voting Securities and Voting Rights</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Voting of Proxies</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Revocability of Proxies</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Solicitation</A></TD></TR>
<TR><TD colspan="9"><A HREF="#007"> SECURITY OWNERSHIP OF PRINCIPAL SHAREHOLDERS, DIRECTORS, AND OFFICERS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#008"> PROPOSAL TO AMEND THE COMPANY&#146;S ARTICLES OF &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INCORPORATION TO INCREASE THE NUMBER OF AUTHORIZED SHARES &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OF COMMON STOCK</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#009">Increase in Number of Shares of Common Stock Authorized for Issuance</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#010">Serial Preferred Stock</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#011">Potential Effects of the Proposed Amendment</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#012">Ratification by Shareholders of the Proposed Amendment</A></TD></TR>
<TR><TD colspan="9"><A HREF="#013"> OTHER MATTERS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#014"> APPENDIX A</A></TD></TR>
</TABLE>
</CENTER>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>










<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><FONT size="4"><B>ACTION PERFORMANCE COMPANIES, INC.</B>
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><HR size="1" width="100%" noshade>

<!-- link1 " NOTICE OF SPECIAL MEETING OF SHAREHOLDERS" -->
<DIV align="left"><A NAME="000"></A></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center"><FONT size="2"><B>NOTICE OF SPECIAL MEETING OF SHAREHOLDERS<BR>
May&nbsp;28, 2002</B>
</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center"><HR size="1" width="100%" noshade></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Special Meeting of Shareholders of Action Performance Companies, Inc.,
an Arizona corporation, will be held at 9 a.m., on Tuesday, May&nbsp;28, 2002, at
our corporate headquarters at 4707 E. Baseline Road, Phoenix, Arizona for the
following purposes:
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To approve an amendment to our Articles of Incorporation to increase
the number of shares of our authorized common stock from 25,000,000 shares to
62,500,000 shares.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To transact such other business as may properly come before the meeting
or any adjournment of the meeting.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The proposed increase in the number of authorized shares, which is more
fully described in the proxy statement accompanying this notice, will allow the
Board of Directors to consider a stock split in the form of a stock dividend.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only shareholders of record at the close of business on April&nbsp;30, 2002 are
entitled to notice of and to vote at the meeting.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All shareholders are cordially invited to attend the meeting in person.
To assure your representation at the meeting, however, we urge to mark, sign,
date, and return the enclosed proxy as promptly as possible in the
postage-prepaid envelope enclosed for that purpose. If you attend the meeting,
you may vote in person even if you previously have returned a proxy.
</FONT>
<CENTER>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="54%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="41%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Sincerely,</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>

<P>
<P>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">Phoenix, Arizona<br>
May&nbsp;1, 2002</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
R. David Martin<br>
Secretary</FONT></TD>
</TR>
</TABLE>
</CENTER>
<DIV align="left"><FONT size="1">

</FONT></DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><FONT size="2"><B>ACTION PERFORMANCE COMPANIES, INC.<BR>
4707 East Baseline Road<BR>
Phoenix, Arizona 85042</B>
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><HR size="1" width="100%" noshade>

<!-- link1 " PROXY STATEMENT" -->
<DIV align="left"><A NAME="001"></A></DIV>
<DIV align="center"><FONT size="2"><B>PROXY STATEMENT</B>
</FONT></DIV>

<DIV align="center"><HR size="1" width="100%" noshade></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><FONT size="2"><B>VOTING AND OTHER MATTERS</B>
</FONT>

<!-- link2 "General" -->
<DIV align="left"><A NAME="002"></A></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left"><FONT size="2"><B>General</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The enclosed proxy is solicited on behalf of Action Performance Companies,
Inc., an Arizona corporation, by our Board of Directors for use at a Special
Meeting of Shareholders to be held at 9 a.m. on Tuesday, May&nbsp;28, 2002, or at
any adjournment of the meeting, for the purposes set forth in this proxy
statement and in the accompanying notice of Annual Meeting of Shareholders.
The meeting will be held at our corporate headquarters located at 4707 East
Baseline Road, Phoenix, Arizona.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These proxy solicitation materials are being first mailed on or about May
1, 2002, to all shareholders entitled to vote at the meeting.
</FONT>
<!-- link2 "Voting Securities and Voting Rights" -->
<DIV align="left"><A NAME="003"></A></DIV>
<P align="left"><FONT size="2"><B>Voting Securities and Voting Rights</B>
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders of record at the close of business on April&nbsp;30, 2002 are
entitled to notice of and to vote at the meeting. On the record date, there
were outstanding 17,795,783 shares of our common stock. Each holder of common
stock voting at the meeting, either in person or by proxy, may cast one vote
per share of common stock held on all matters to be voted on at the meeting.
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The presence, in person or by proxy, of the holders of a majority of the
total number of shares entitled to vote constitutes a quorum for the
transaction of business at the meeting. Assuming that a quorum is present, the
affirmative vote of a majority of the total number of issued and outstanding
shares of our common stock is required to approve the amendment to our Articles
of Incorporation.
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Votes cast by proxy or in person at the meeting will be tabulated by the
election inspectors appointed for the meeting who will determine whether a
quorum is present. The election inspectors will treat abstentions as shares
that are present and entitled to vote for purposes of determining the presence
of a quorum, but as unvoted for purposes of determining the approval of any
matter submitted to the shareholders for a vote. If a broker indicates on the
proxy that it does not have discretionary authority as to certain shares to
vote on a particular matter, those shares will not be considered as present and
entitled to vote with respect to that matter.
</FONT>
<!-- link2 "Voting of Proxies" -->
<DIV align="left"><A NAME="004"></A></DIV>
<P align="left"><FONT size="2"><B>Voting of Proxies</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When a proxy is properly executed and returned, the shares it represents
will be voted at the meeting as directed. If no specification is indicated,
the shares will be voted &#147;for&#148; approval of the amendment to our Articles of
Incorporation to increase the number of shares of our common stock authorized
for issuance from 25,000,000 shares to 62,500,000 shares.
</FONT>
<!-- link2 "Revocability of Proxies" -->
<DIV align="left"><A NAME="005"></A></DIV>
<P align="left"><FONT size="2"><B>Revocability of Proxies</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any person giving a proxy may revoke the proxy at any time before its use by
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="91%"><FONT size="2">delivering to us written notice of revocation,</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="91%"><FONT size="2">delivering to us a duly executed proxy bearing a later date, or</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="91%"><FONT size="2">attending the meeting and voting in person.</FONT></TD>
</TR>
</TABLE>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




<!-- link2 "Solicitation" -->
<DIV align="left"><A NAME="006"></A></DIV>
<P align="left"><FONT size="2"><B>Solicitation</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will pay for this solicitation. In addition, we may reimburse
brokerage firms and other persons representing beneficial owners of shares for
expenses incurred in forwarding solicitation materials to such beneficial
owners. Some of our directors or officers may solicit proxies, personally or
by telephone or e-mail, without additional compensation.
</FONT>
<!-- link1 " SECURITY OWNERSHIP OF PRINCIPAL SHAREHOLDERS, DIRECTORS, AND OFFICERS" -->
<DIV align="left"><A NAME="007"></A></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><FONT size="2"><B>SECURITY OWNERSHIP OF PRINCIPAL SHAREHOLDERS, DIRECTORS,<BR>
AND OFFICERS</B>
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth certain information regarding the shares of
our outstanding common stock beneficially owned as of April&nbsp;30, 2002 by (1)
each director; (2)&nbsp;each executive officer; (3)&nbsp;all of our directors and
executive officers as a group; and (4)&nbsp;each other person who is known by us to
beneficially own or to exercise voting or dispositive control over more than 5%
of our common stock.
</FONT>
<CENTER>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="67%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="9%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="9%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="right" colspan="7"><FONT size="1"><B>Shares Beneficially Owned&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="1"><B>Name of Beneficial Owner(1)</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>Number(2)</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>Percent(2)</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Directors and Executive Officers:</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Fred W. Wagenhals</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,009,599</FONT></TD>
        <TD nowrap><FONT size="2">(3)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11.2</FONT></TD>
        <TD nowrap><FONT size="2">%</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">R. David Martin</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">19,080</FONT></TD>
        <TD nowrap><FONT size="2">(4)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">*</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Melodee L. Volosin</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">58,967</FONT></TD>
        <TD nowrap><FONT size="2">(5)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">*</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">John S. Bickford, Sr.</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">76,667</FONT></TD>
        <TD nowrap><FONT size="2">(6)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">*</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Edward J. Bauman</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">45,000</FONT></TD>
        <TD nowrap><FONT size="2">(7)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">*</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Herbert M. Baum</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18,000</FONT></TD>
        <TD nowrap><FONT size="2">(8)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">*</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Lowell L. Robertson</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18,000</FONT></TD>
        <TD nowrap><FONT size="2">(9)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">*</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Robert L. Matthews</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9,300</FONT></TD>
        <TD nowrap><FONT size="2">(10)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">*</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">All directors and executive officers as a
group (eight persons)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,254,613</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12.4</FONT></TD>
        <TD nowrap><FONT size="2">%</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Non-management 5% Shareholders:</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Lisa K. Wagenhals</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,823,600</FONT></TD>
        <TD nowrap><FONT size="2">(11)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10.2</FONT></TD>
        <TD nowrap><FONT size="2">%</FONT></TD>
</TR>
</TABLE>
</CENTER>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P>
<HR size="1" width="18%" align="left" noshade>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">*</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Less than 1%</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(1)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Each person named in the table has sole voting and investment power with
respect to all common stock beneficially owned by him or her, subject to
applicable community property law, except as otherwise indicated. Except
as otherwise indicated, each person may be reached at 4707 East Baseline
Road, Phoenix, Arizona 85042.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(2)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">The percentages shown are calculated based upon 17,795,783 shares of
common stock outstanding on April&nbsp;30, 2002. The numbers and percentages
shown include the shares of common stock actually owned as of April&nbsp;30,
2002 and the shares of common stock that the identified person or group
had the right to acquire within 60&nbsp;days of such date. In calculating the
percentage of ownership, all shares of common stock that the identified
person or group had the right to acquire within 60&nbsp;days of April&nbsp;30, 2002
upon the exercise of options are deemed to be outstanding for the purpose
of computing the percentage of the shares of common stock owned by such
person or group, but are not deemed to be outstanding for the purpose of
computing the percentage of the shares of common stock owned by any other
person.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(3)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Represents 1,813,600 shares of common stock and vested options to acquire
195,999 shares of common stock. Mr.&nbsp;Wagenhals shares voting and
dispositive power with his spouse with respect to the 1,813,600 shares of
common stock. See footnote 11.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(4)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Includes 414 shares of common stock issuable upon conversion of
subordinated notes and 16,666 shares of common stock issuable upon
exercise of stock options.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(5)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Includes 54,393 shares of common stock issuable upon exercise of stock
options.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(6)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Includes 76,667 shares of common stock issuable upon exercise of stock
options.</FONT></TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><FONT size="2">2</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(7)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Includes 44,000 shares of common stock issuable upon exercise of stock
options.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(8)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Represents 18,000 shares of common stock issuable upon exercise of stock
options.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(9)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Represents 18,000 shares of common stock issuable upon exercise of stock
options.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(10)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Includes 8,000 shares of common stock issuable upon exercise of stock
options.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(11)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Represents 1,813,600 shares of common stock over which Ms.&nbsp;Wagenhals
shares voting and dispositive power with Fred W. Wagenhals. See footnote
3. Includes 10,000 shares of common stock issuable upon exercise of stock
options.</FONT></TD>
</TR>
</TABLE>
<!-- link1 " PROPOSAL TO AMEND THE COMPANY&#146;S ARTICLES OF &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INCORPORATION TO INCREASE THE NUMBER OF AUTHORIZED SHARES &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OF COMMON STOCK" -->
<DIV align="left"><A NAME="008"></A></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><FONT size="2"><B>PROPOSAL TO AMEND THE COMPANY&#146;S ARTICLES OF<BR>
INCORPORATION TO INCREASE THE NUMBER OF AUTHORIZED SHARES<BR>
OF COMMON STOCK</B>
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Board of Directors has approved a proposal to amend our Articles of
Incorporation to increase the number of authorized shares of common stock from
25,000,000 to 62,500,000. The Board of Directors recommends a vote &#147;for&#148; the
proposed amendment to our Articles of Incorporation. The text of Article&nbsp;4,
Section&nbsp;A, the section of the Articles of Incorporation as proposed to be
amended, is included as Appendix&nbsp;A to this proxy statement. If approved by the
shareholders, the proposed amendment will become effective upon the filing of
the Articles of Incorporation with the Arizona Corporation Commission, which
will occur as soon as reasonably practicable.
</FONT>
<!-- link2 "Increase in Number of Shares of Common Stock Authorized for Issuance" -->
<DIV align="left"><A NAME="009"></A></DIV>
<P align="left"><FONT size="2"><B>Increase in Number of Shares of Common Stock Authorized for Issuance</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assuming the proposal to amend our Articles of Incorporation is approved,
our Board of Directors plans to consider a three-for-two or a two-for-one split
of our common stock in the form of a stock dividend. Any such stock split
would be intended to help broaden the base of our shareholders and increase the
liquidity of our shares by making additional shares available for investment at
a price range that facilitates continued investment by retail investors as well
as increased investment by institutional investors.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Board of Directors also believes that it is in our company&#146;s best
interests to increase the number of authorized shares of common stock in order
to have additional authorized but unissued shares available for issuance to
meet business needs as they arise. The Board of Directors believes that the
availability of such additional shares will provide our company with the
flexibility to issue common stock for possible future financing transactions,
stock dividends or distributions, acquisitions, and other proper corporate
purposes that may be identified in the future by the Board of Directors. The
issuance of additional shares of common stock, other than through a stock split
in the form of a stock dividend, may have a dilutive effect on earnings per
share and, for persons that do not purchase additional shares to maintain their
pro rata interest in the Company, on such shareholders&#146; percentage voting
power.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The authorized shares of common stock in excess of those issued will be
available for issuance at such times and for such corporate purposes as our
Board of Directors may deem advisable, without further action by our
shareholders, except as may be required by applicable law or by the rules of
the New York Stock Exchange. Upon issuance, such shares will have the same
rights as the outstanding shares of common stock. Holders of common stock have
no preemptive rights.
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have no other arrangements, agreements, understandings, or plans at the
present time for the issuance or use of the additional shares of common stock
proposed to be authorized. The Board of Directors does not intend to issue any
common stock except on terms that the Board of Directors deems to be in the
best interests of our company and its then existing shareholders. Any future
issuance of common stock will be subject to the rights of holders of
outstanding shares of any preferred stock that our company may issue in the
future.
</FONT>
<!-- link2 "Serial Preferred Stock" -->
<DIV align="left"><A NAME="010"></A></DIV>
<P align="left"><FONT size="2"><B>Serial Preferred Stock</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The proposed amendment will not affect our ability to issue serial
preferred stock. Our Board of Directors is authorized to issue the serial
preferred stock in one or more series and to fix the rights, preferences,
privileges, and restrictions, including dividend rights, conversion rights,
voting rights, rights and terms of redemption, redemption price or prices,
liquidation preferences, and the number of shares constituting any series or
the designation of such series, without any further vote or action by our
shareholders. The issuance of serial preferred stock may have the
</FONT>

<P align="center"><FONT size="2">3</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><FONT size="2"> effect of delaying, deferring, or preventing a change in control of our
company without further action by our shareholders. The issuance of serial
preferred stock with voting and conversion rights may adversely affect the
voting power of the holders of common stock, including the loss of voting
control to others. No serial preferred stock currently is outstanding, and we
have no present plans to issue any shares of serial preferred stock. The
proposed amendment will not affect our ability to issue serial preferred stock.
</FONT>
<!-- link2 "Potential Effects of the Proposed Amendment" -->
<DIV align="left"><A NAME="011"></A></DIV>
<P align="left"><FONT size="2"><B>Potential Effects of the Proposed Amendment</B>
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In deciding whether to issue additional shares of common stock, our board
of directors will carefully consider the effect of the issuance on our
operating results and our then-existing shareholders. Although we have no
present intention to issue shares of common stock in the future in order to
make acquisition of control of our company more difficult, future issuances of
common stock, with the exception of stock splits effected as dividends, could
have that effect. For example, the acquisition of shares of our common stock
by an entity in order to acquire control of our company might be discouraged
through the public or private issuance of additional shares of common stock,
since such issuance would dilute the stock ownership of the acquiring entity.
Common stock could also be issued to existing shareholders as a dividend or
privately placed with purchasers that might side with the Board in opposing a
takeover bid, thus discouraging such a bid. Certain provisions of Arizona law
relating to business combinations with interested shareholders also may create
a potential restraint on takeovers or other changes in control of our company.
Our board of directors did not propose this amendment for the purpose of
discouraging mergers, tender offers, proxy contests, or other changes in
control of our company and we are not aware of any specific effort to
accumulate our common stock or obtain control of our company by means of a
merger, tender offer, solicitation, or otherwise.
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No rights of appraisal or similar rights of dissenters exist with respect
to this matter.
</FONT>
<!-- link2 "Ratification by Shareholders of the Proposed Amendment" -->
<DIV align="left"><A NAME="012"></A></DIV>
<P align="left"><FONT size="2"><B>Ratification by Shareholders of the Proposed Amendment</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approval of the proposed amendment to our articles of incorporation will
require the affirmative vote of the holders of a majority of the total number
of the issued and outstanding shares of our common stock. Upon approval by our
shareholders, the proposed amendment will become effective upon filing of
articles of amendment with the Arizona Corporation Commission, which will occur
as soon as practicable following the meeting. In the event that the proposed
amendment is not approved by our shareholders at the meeting, the current
articles of incorporation will remain in effect.
</FONT>
<!-- link1 " OTHER MATTERS" -->
<DIV align="left"><A NAME="013"></A></DIV>
<P align="center"><FONT size="2"><B>OTHER MATTERS</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We know of no other matters to be submitted to the shareholders at the
meeting. If any other matters properly come before the meeting, it is the
intention of the persons named in the enclosed proxy card to vote the shares
they represent as our Board of Directors may recommend.
</FONT>
<P align="right"><FONT size="2">Dated: May&nbsp;1, 2002
</FONT>

<P align="center"><FONT size="2">4</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<!-- link1 " APPENDIX A" -->
<DIV align="left"><A NAME="014"></A></DIV>
<P align="center"><FONT size="2"><B>APPENDIX A</B>
</FONT>

<P align="center"><FONT size="2"><B>PROPOSED AMENDMENT TO FIRST<BR>
AMENDED AND RESTATED ARTICLES<BR>
OF INCORPORATION OF<BR>
ACTION PERFORMANCE COMPANIES, INC.</B>
</FONT>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Article&nbsp;4.</B>
</FONT>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation shall have authority to issue a total of Sixty-Seven
Million Five Hundred Thousand (67,500,000) shares of capital stock, consisting
of:
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;Sixty-Two Million Five Hundred Thousand (62,500,000) shares of common
stock, par value one cent ($.01) per share; and
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;Five Million (5,000,000) shares of serial preferred stock, no par
value per share.
</FONT>

<P align="center"><FONT size="2">A-1</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P align="center"><FONT size="2"><B>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</B>
</FONT>

<P align="center"><FONT size="2"><B>ACTION PERFORMANCE COMPANIES, INC.</B>
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><FONT size="2"><B>SPECIAL MEETING OF SHAREHOLDERS<BR>
MAY 28, 2002</B>
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned shareholder of ACTION PERFORMANCE COMPANIES, INC., an
Arizona corporation (the &#147;Company&#148;), hereby acknowledges receipt of the Notice
of Special Meeting of Shareholders and Proxy Statement of the Company, each
dated May&nbsp;1, 2002, and hereby appoints Fred W. Wagenhals and R. David Martin,
and each of them, proxies and attorneys-in-fact, with full power to each of
substitution, on behalf and in the name of the undersigned, to represent the
undersigned at the Special Meeting of Shareholders of ACTION PERFORMANCE
COMPANIES, INC., to be held on Tuesday, May&nbsp;28, 2002, at 9:00 a.m., local time,
at the Company&#146;s headquarters at 4707 East Baseline Road, Phoenix, Arizona
85042, and at any adjournment or adjournments thereof, and to vote all shares
of common stock that the undersigned would be entitled to vote if then and
there personally present on the matters set forth on the reverse side of this
proxy card.
</FONT>
<CENTER>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="94%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><IMG src="p66411dexbox.gif" alt="(XBOX)"></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
<B>Please mark your votes as in this example</B></FONT></TD>
</TR>
</TABLE>
</CENTER>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">1.</FONT></TD>
        <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="94%"><FONT size="2">Proposal to approve the amendment to the Company&#146;s Articles of
Incorporation to increase the number of authorized shares of common stock
from 25,000,000 to 62,500,000.</FONT></TD>
</TR>
</TABLE>
<CENTER>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<TABLE cellspacing="0" border="0" cellpadding="0" width="86%">
<TR valign="bottom">
        <TD width="4%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="9%">&nbsp;</TD>
        <TD width="6%">&nbsp;</TD>
        <TD width="18%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="12%">&nbsp;</TD>
        <TD width="11%">&nbsp;</TD>
        <TD width="13%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="12%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><IMG src="p66411debox.gif" alt="(BOX)"></FONT></TD>
        <TD><FONT size="2"><B>FOR</B></FONT></TD>
        <TD align="center" valign="top"><FONT size="2">&nbsp;
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;
</FONT></TD>
        <TD><FONT size="2"><IMG src="p66411debox.gif" alt="(BOX)"></FONT></TD>
        <TD align="center" valign="top"><FONT size="2"><B>AGAINST</B>
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2"><IMG src="p66411debox.gif" alt="(BOX)"></FONT></TD>
        <TD align="center" valign="top"><FONT size="2"><B>ABSTAIN</B></FONT></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">and upon such matters that may properly come before the meeting or any
adjournment or adjournments thereof.
</FONT>
<P><FONT size="2"><B>THIS PROXY WILL BE VOTED AS DIRECTED OR, IF NO CONTRARY DIRECTION IS INDICATED,
WILL BE VOTED FOR THE PROPOSAL TO AMEND THE COMPANY&#146;S ARTICLES OF
INCORPORATION, AND AS SAID PROXIES DEEM ADVISABLE ON SUCH OTHER MATTERS AS MAY
COME BEFORE THE MEETING.</B>
</FONT>
<P><FONT size="2">A majority of such attorneys-in-fact or substitutes as shall be present and
shall act at said meeting or any adjournment or adjournments thereof (or if
only one shall be present and act, then that one) shall have and may exercise
all of the powers of said attorneys-in-fact hereunder.
</FONT>
<P><FONT size="2"><B>Sign, date, and return the proxy card promptly using the enclosed envelope.</B>
</FONT>

<CENTER>
<P>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">Signature_________________________________&nbsp;&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD></TR>

<TD align="left" valign="top"><FONT size="2">______________________________________&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Dated: ________ , 2002</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature if held jointly</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<CENTER>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="8%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="91%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><B>NOTE:</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
<B>(This proxy should be dated, signed by the shareholder(s) exactly as
his or her name appears hereon, and returned promptly in the
enclosed envelope. Persons signing in a fiduciary capacity should
so indicate. If shares are held by joint tenants or as community
property, both shareholders should sign.</B></FONT></TD>
</TR>
</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><FONT size="2">&nbsp;</FONT>



<DIV align="left"><FONT size="1">

</FONT></DIV>
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